League Table Wrap May 28
Equity capital markets looks forward to bumper issues while debt capital market breaks its drought.
May 29, 2004
Equity Capital Markets
The equity market failed to spark again resulting in another quiet week with just $623 million raised through 10 offerings. This pushed the total for the year through the $20 billion barrier from 376 deals.
Oriental Bank of Commerce was the only notable transaction of the week with a $332 million follow on. Joint books were Citigroup, Bajaj Capital, DSP Merrill Lynch, ICIC Securities & Finance and Kotak Mahindra.
This had little effect on the league table positionings, however, with Merrill Lynch still leading UBS by a slim $200 million on $2.6 billion. Citigroup sits in third with $1.8 billion.
Debt Capital Markets
Activity in the debt capital markets continues to tick over as a further $195 million deal for Mandra Forestry Finance was completed this week. Volume is diverging rapidly away from last year's totals with just $10.5 billion raised this year compared to almost $13 billion in 2004.
Morgan Stanley was appointed sole lead on the trade and the credit saw it exchange places with HSBC on the league tables, moving into seventh place. The US house now has $595 million credit after adding this transaction to the $400 million high yield deal for Titan Petrochemicals back in March.
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